Bitcoin blow as Goldman Sachs shelves crypto trading desk plans

Even on a day when BTC goes from $7,377 down to $6,776 USD Bitcoin has a way to make itself feel special.

Growth in Bitcoin and other cryptocurrencies in the blockchain community through its first six or seven years was dependent on marketing and trying to get wider adoption, Mr Buterin said. At the time of press, the ETH is looming at $258, which showcases the 11% dip in the last 24 hours till the press time.

Before this situation, the market had a capitalization of nearly $240 billion dollars. A fund holding the currency could attract more investors and push its price higher.

Interestingly enough, men seem to be more aware of digital coins - only 13 percent of men said they have not heard of any kind of cryptocurrency compared to the 27 percent of women providing the same answer.

The recent chart indicates that Bitcoin has been on a steady rise, and may continue to dominate the cryptocurrency space like it did previous year. The position of bitcoin performs in equivalent to the effects in the market. Bitcoin found a balance around $6,300 but further declines are imminent unless a support above $6,400 is established in the near-term. Of course, most altcoins also fell sharply with Ethereum (ETC) plunging near the $250 mark and all of this really happened in the span on an hour.

Most of the altcoins in the market cap range suffer from average losses with an interval of 9-12% before the press time. Ethereum dropped from $283 to $224.72, Bitcoin Cash from $628 to $508.15, and Litecoin from $68 to $56.26. OOOBTC saw $21,051,058 of bitcoin change hands. It was over 60% the present price of Bitcoin today. Ran NeuNer, CNBC's crypto host trader reached the public through twitter regarding the market dip and said that the "movement" concerning crypto wallet alleged association with Silk Road could be a subsequent reason for the drop.

Morra added that the cryptocurrency market will have to see solid stability in the low price range before properly bottoming out and initiating a mid-term rally.

On August 16, Ethereum shifted from $250 to $280 preceding subsequent to a 20% fall on August 14 as the cryptocurrency market created a come back from bitcoin's fall below the $6,000 point on August 14.

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